Topic: BMO Capital

Ahead of Apple's December quarter results, analysts have been slashing targets for the company, based on a belief that iPhone sales are slower than expected. But Robert Cihra of Guggenheim hasn't budged on his $215 price target, telling investors on Wednesday that he sees the iPhone X as the start of a multi-year upgrade cycle.

A pair of new surveys released this week both affirm that the new 5.5-inch iPhone 6 Plus has achieved about 25 percent of Apple's total iPhone sales, a trend that market watchers think will be a boon for the company's bottom line.

Another analyst has countered recent reports that Apple plans to release a cheaper iPhone for the pre-paid mobile market, stating instead that the iPhone 3GS will continue to serve as the company's "low-end" handset.

Investment bank BMO Capital Markets on Monday slashed its price target on shares of Apple Inc. to $140 from $160, saying it believes the company's three growth drivers -- the Mac, iPod, and iPhone -- have been reduced to just one: the Mac.